Bitcoin has been one of the hottest currencies today, but is it really a reliable investment?
Despite this digital currency’s volatility, bitcoin has shown its resiliency over a thousand times.
And not only that, countries around the world, especially developed countries are embracing this digital currency.
Just think of this, bitcoin has become way more valuable today compared to its value when it first started.
A new survey recently conducted by Lend Edu polled Americans about their interest in bitcoin. The survey asked basic questions about whether people have heard about bitcoin, whether it was legal, and if they would use it or invest in it. By and large, younger generations have increasingly heard of bitcoin, and they see it as an investment opportunity.
General Bitcoin Trends
Lend Edu commented on some of their findings: “not surprisingly, younger Americans were more likely to have heard of bitcoin as compared to their older counterparts. 86.67 percent of respondents between the ages of 18 and 24 have heard of bitcoin, while only 75.93 percent of respondents ages 55 and older have heard of bitcoin. It was a consistent trend that as respondents got older, their likelihood of hearing about bitcoin went down.”
The survey suggested bitcoin’s popularity is growing especially with millennials. This growth could be occurring as a result of younger crowds being more technologically savvy. Needless to say, room for bitcoin adoption is being “carved out” in the United States. According to the study, there is certainly a large place for bitcoin adoption in the future.
Is Bitcoin Illegal?
The study also asked respondents if they believed bitcoin was illegal. 10.69 percent of people asked believed it was not legal to possess. 41.16 percent said that bitcoin is legal, and 47.71 percent said they did not know. The article suggested these answers resulted in the stigma that surrounds bitcoin. Many people still believe it is primarily used by drug lords and other criminal factions. The article continued:
It appears that there is a “dark-web” stigma attached to bitcoin. Most people know what bitcoin is, but they also associate bitcoin as a mechanism for conducting suspicious behavior on the web. Of course, the name “cryptocurrency” certainly does not help bitcoin’s image, as that description makes it sound like you are evading the government.
Other Findings: Younger Americans Adore Bitcoin
The survey also found some other interesting facts. The younger the person was, the more likely they would invest in bitcoin. The survey revealed, “those between the ages of 25 and 34 were the most likely to invest in bitcoin as an asset for the future, or to be open to using bitcoin for purchases.” Every older generation following the millennials had a decreased interest in investing in bitcoin.
The study also found that more men than women were interested in getting involved with bitcoin. However, the article cautioned against data concerning gender, because it is “more difficult to put a finger on.”
What do you think about these surveys? Is the future for bitcoin bright? Let us know in the comments section below.